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  1. Citic Pacific surges after parent comes to rescue

    Posted Nov 14th 2008, 12:00am by Carol Chan

    ... warned last month of huge losses from unauthorised bets on the Australian dollar. Despite the massive rescue package, brokerages further cut their target prices because the bonds will dilute ... That is higher than its estimate of HK$15.5 billion on October 20. Parent company Citic Group will assume about two-thirds of Citic Pacific's Australian dollar derivative contracts in exchange ...

  2. Stakes raised on global betting pool

    Posted Sep 06th 2009, 12:00am by Alan Aitken

    ... countries can place bets in Hong Kong's multimillion-dollar pools. Engelbrecht-Bresges wants to get his hands on the estimated HK$3 billion sloshing around in other countries' betting ... next Sunday- Engelbrecht-Bresges said he would now up the ante for commingling to be introduced. Australian racing fans, for instance, can watch and bet on Hong Kong's races every meeting, ...

  3. Citic Pacific wins HK$6b loan for ore project

    Posted May 19th 2012, 12:00am

    ... to US$3.41 billion, inflated by a surge in material costs, labour and management fees as well as the appreciation of the Australian dollar. Miscalculations by the contractor also contributed ... to notify them about hefty losses before borrowing HK$1.75 billion from them. Citic Pacific lost HK$15.5 billion on a wrong-way bet on Australian dollar futures in September 2008 but only made ...

  4. Steady hand at the helm of a trillion-dollar undertaking

    Posted Jan 13th 2010, 12:00am by Enoch Yiu

    ... Enoch Yiu Hong Kong Exchanges and Clearing will next Monday double capacity of its trading system to handle 3,000 trades per second and aims to push it up to 50,000 trades per second to fend off competition from overseas exchanges. Hong Kong is one of sev ...

  5. Citic Pacific parent rules out disposal of assets

    Posted Nov 17th 2008, 12:00am by Eric Ng

    ... entering into certain complex foreign currency trades, most of which were on the Australian dollar, which depreciated about 33 per cent against the greenback after reaching a record high in July. Last week, Citic Group said it would assume two-thirds of Citic Pacific's A$9.1 billion (HK$46.12 billion) Australian dollar derivative contracts in exchange for HK$9.3 billion. ...

  6. Railway giants tumble on fears of forex losses

    Posted Oct 23rd 2008, 12:00am by Sandy Li, Toh Han Shih

    ... 55.1 per cent on Tuesday and a further 24.69 per cent yesterday, after it warned of as much as HK$15.5 billion in losses from currency hedging bets on the Australian dollar. 'People ... a Beijing-based analyst. 'It is well known in investor circles that China Railway has high exposure to the Australian dollar.' Since June 30, the Australian dollar has depreciated 30 per cent ...

  7. CLP's Australian unit powers rise in revenue

    Posted Oct 20th 2010, 12:00am by Denise Tsang

    ... contribution from its Australian operation. The firm has invested in power projects on the mainland, Taiwan, Australia, India and Vietnam on rising demand in the world's fastest-growing regions. Revenue of its Australian unit, TRUenergy, soared 35.8 per cent to HK$19.2 billion as a gas plant in Victoria state was commissioned and fed strong demand between June and August. The core Hong ...

  8. HK dollar reaches highest against greenback since peg revamp

    Posted Oct 23rd 2007, 12:00am by Staff Reporter

    ... Natalie Chiu The Hong Kong dollar rose yesterday to its highest against the US dollar since the linked exchange rate system was revamped in May 2005, as speculation that the currency peg would be abolished resurfaced. Rumours of the depegging sent the Hong Kong unit to a 28-month high of HK$7.7502 per US dollar from HK$7.7512 on Thursday. The market was closed for a holiday ...

  9. Inflation estimate rises on dearer food, weak dollar

    Posted Sep 25th 2007, 12:00am by Dennis Eng

    ... cent, reflecting growing concern over the effects of higher food prices, the strengthening yuan, and US dollar weakness. 'Our figures suggest that consumer price inflation for the past ... inflation on the mainland, the source of a lot of Hong Kong's food, and the relative weakness of the US dollar, to which the local currency is pegged, were helping fuel inflation, Mr Tsang ...

  10. HK dollar slips to 19-year low to the greenback

    Posted Mar 08th 2007, 12:00am by Staff Reporter

    ... Maria Chan Investors park funds in US dollar assets amid stock market volatility The Hong Kong dollar yesterday hit its lowest level since July 1988 as investors parked their funds in US dollar assets amid the volatile stock markets, lenders said. The Hong Kong dollar sank to as low as HK$7.8174 against the US dollar and ended at HK$7.8168 from the previous close of HK$7.8152 ...




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